Credit Card Guide For the Small Business Owners
If you ask an experienced business owner, he or she will be able to tell you how valuable business credit cards are in running a business. Not only does separate your business accounts from your personal funds, it also keeps your cash flow available at all times. Other advantages include a more convenient way of managing business expenditures, being able to track your employee's expenses, and enjoying rewards from your spending.
But with all the different business credit cards offered in the market, how do decide which one has the best deal? In this article, we'll talk about some tips on how you can compare each offers and the important factors you should look for them.
Comparing Business Credit Cards
Sufficient credit limit. A business needs a sufficiently high credit limit to match its needs. Although the amount of credit you need depends on how big or small your business is, naturally you don't want to be stuck with a card that gives you a very limited credit line.
Interest free credit. You'll want to take advantage of your capability to pay back your balances on time each month. A great business credit card will give up to 56 days of grace period where you can enjoy an interest free credit.
Online Account Access. It is important that your card provides you with an online account access so you can check on your business account at any time. As a business manager, you'll have your hands full of various business and personal tasks and a convenient access to your account will be a tremendous convenience for you.
Supplementary credit cards. A great card enables you to distribute additional cards to your employees without an extra charge. Such supplementary credit cards will help you track your employee's expenses more conveniently. You should also have the option to set different credit limit to each of the supplementary cards you give.
Fraud Liability Protection. Look for a card that protects you from unauthorized charges in your account. A fraud liability protection is indispensable in case of theft, loss or unauthorized credit card use.
Great Reward Program. Enrolling with your card's reward program can save you thousands of dollars from your spending. You can also enjoy great discounts and privileges from affiliate establishments. Don't forget to check the reward program options of the card before you sign up for one. Since you will be using your card for large expenses, you'll want to take advantage of all the benefits you can get.
Low APR. Although your main goal is to pay off your balances in full each month, a business credit card with a low APR is still your best choice. In case you do need to carry over your balances for the next month, you wouldn't be charged with an unreasonably expensive.
Credit card fees. Lastly, don't forget to check the other fees that go with your card. See to it that all the fees are within a reasonable cost.
Business Growth – Rate Control For Maximum Success
Business growth is something we all want. During startup, however, you have to balance your business growth rate with your ability to keep on top of the business launch. You don't want to get overextended because that will cause you to cut corners and your future success may suffer.
Controlling the rate of business growth is difficult to do especially if you are moonlighting. In this situation you have so many more balls to juggle because you have work issues to deal with as well as business issues. The key to effective business growth control is excellent organization and planning.
Micro manage for Business Growth Control
During your startup it is more important than ever that you micro plan your major projects. If you sell a 10 node network you will probably quote it by the number of hours for server installation, cabling infrastructure, taking care of the ISP and the telephone company, and taking care of the desktop. To control business growth you need to take this type of calculation to the next level and develop a detailed hourly spreadsheet to account for your hours each week:
Put your total hours and tasks required into a spreadsheet
Break down each of the tasks week by week
Estimate the number of hours you will need for each item during the week
Add in some cushion time to deal with unanticipated issues
Add general administrative tasks, work and family responsibilities, and leisure time requirements into the spreadsheet as well
This type of planning exercise will help you control your business growth because it will be easier to see if you are overextending yourself. An overextended person is a stressed person and a stressed person is not an effective business manager or service provider.
The Bottom Line on Business Growth
To control business growth the best thing you can do is to make sure you have a handle on everything you are working on. Break large projects down into smaller pieces. Fit your projects into the other responsibilities your have whether those are work or family related. Take a look at your weekly responsibilities and ensure you are not spreading yourself too thin in any one area. This micro management approach will ensure your business growth rate does not spiral beyond your ability to keep up.
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